News on naira note

You're referring to the Nigerian Naira!

Here are some recent news updates on the Naira:

Currency Redesign:

• The Central Bank of Nigeria (CBN) has announced plans to redesign the Naira notes, with a new polymer-based currency set to be introduced in 2024. The move aims to reduce counterfeiting and improve the overall efficiency of the financial system. [Source: CBN, Vanguard]
• The CBN has also announced that the new notes will feature advanced security features, including a hologram, micro-printing, and a unique serial number. [Source: ThisDay]

Naira Devaluation:

• The Naira has continued to depreciate against major currencies, with the exchange rate currently standing at around N415 to the US Dollar. [Source: Bloomberg]
• The devaluation is attributed to a combination of factors, including a decline in oil prices, a widening trade deficit, and a lack of foreign investment in the country. [Source: Reuters]

Cashless Policy:

• The CBN has introduced a cashless policy, which aims to reduce the use of cash transactions and promote electronic payments. [Source: CBN]
• The policy has been met with mixed reactions, with some businesses and individuals expressing concerns about the impact on their daily activities. [Source: Punch]

Naira4Dollar Scheme:

• The CBN has launched a Naira4Dollar scheme, which allows Nigerians to exchange their Naira for US Dollars at a fixed rate of N360 to the Dollar. [Source: CBN]
• The scheme aims to reduce the demand for foreign exchange and stabilize the exchange rate. [Source: Vanguard]

These are just a few of the recent news updates on the Naira. If you have any specific questions or would like more information, feel free to ask!